Bristol-Myers Squibb Q3 2025 earnings: growth drugs offset legacy declines, guidance raised
Bristol Myers Squibb's newer drugs kept growing enough to offset declining older products, and the company raised its full-year revenue outlook.
| Q3 2025 | Reported |
|---|---|
| EPS | $1.08 |
| Revenue | $12.22B |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Revenue held roughly steady versus a year earlier as newer medicines offset an ongoing decline in older products. The company’s ‘Growth Portfolio’ — newer drugs like Reblozyl, Camzyos and Breyanzi — rose 18%, while the ‘Legacy Portfolio’ of older medicines fell 12% as they lose patent protection and face generic competition.
- Quarterly per-share profit was reduced by charges tied to acquired in-process research and development — costs from licensing or acquiring external drug programs, which are recorded as an expense in the period they occur rather than spread out over time. Management said these charges cut earnings per share by about $0.80 for the full year.
- Standout products included blood-cancer therapy Breyanzi (up 60% to $359 million), anemia treatment Reblozyl (up 37% to $615 million), heart-disease drug Camzyos (up 89% to $296 million), and blood thinner Eliquis (up 25% to $3.75 billion). The recently launched schizophrenia treatment Cobenfy added $43 million in sales.
- Bristol Myers Squibb raised its full-year 2025 revenue guidance to a range of $47.5 billion to $48.0 billion, citing continued strength in its newer drug portfolio.
- Over the trailing twelve months, the company kept about 72 cents of every sales dollar after production costs (gross margin) and converted roughly 26 cents of every sales dollar into operating profit before interest and taxes — margins that point to a business whose underlying profitability has stayed intact even as one-time charges weighed on individual quarters.
- Return on equity — how much profit the company generated relative to shareholders’ invested capital — stood at about 47% over the trailing year, a level that reflects both strong underlying earnings and the impact of BMS’s ongoing share buybacks, which shrink the equity base the return is measured against.
- CEO Chris Boerner described the period as a transition phase for the company as older drugs lose exclusivity, saying management is focused on ‘making this trough as shallow and as short as possible’ while newer products and pipeline programs take over as growth drivers.
- The company said it expects to introduce up to 10 new medicines by 2030 and has several late-stage pipeline readouts expected over the next one to two years, part of its strategy to replace revenue lost from older drugs facing generic competition.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $12.2B | $11.9B | +2.8% |
| Net income | $2.2B | $1.2B | +81.8% |
| Free cash flow | $6.0B | $5.3B | +13.7% |
| Diluted EPS | $1.08 | $0.60 | +80.0% |
| Gross margin | 71.9% | 75.1% | -3.2 pts |
| Net margin | 18.0% | 10.2% | +7.8 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
Bristol-Myers Squibb Co closed at $42.60 on Oct 29, 2025, the last session before the report, and at $46.07 on Oct 31, 2025, the first session after it — +8.2% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · Seeking Alpha · Fierce Pharma